Financial results for the second quarter ended February 29, 2012 (“2QFY12”)
Klang, Thursday, March 15, 2012 –Top Glove Corporation Bhd (Top Glove) today announced sales revenue of RM549.0 million and net profit of RM54.2 million in 2QFY12 for the financial year ending 31 August 2012.
Revenue for 2QFY12 recorded a growth of 13% to RM549.0 million from RM485.2 million in the corresponding quarter last financial year, and net profit surged 109% to RM54.2 million from RM25.9 million.
On a six month cumulative (September to February) comparison between 1HFY12 and 1HFY11, revenue rose 13% to RM1,103.8 million from RM976.7 million and net profit improved 39% to RM86.7 million from RM62.3 million. The improved performance was attributed to an increase in glove demand, improved operational efficiency and a downtrend in latex prices which reduced from an average of RM8.14/kg in 1HFY11 to RM7.58/kg in 1HFY12.
Top Glove’s Group Chairman, Tan Sri Lim Wee Chai commented “The stronger US dollar and lower latex prices gave us better net profit for 2QFY12. We have learnt from past experience on excessive increases in latex prices and shall remain cautious to continue with our planned strategy for a more balanced product mix of latex and nitrile gloves to cater to on-going customer preference.”